Interventional Pulmonology company, PneumRx, Inc. has signed an agreement that will see it acquired by BTG Plc in a deal worth up to $475 million. Based in London, BTG is an international specialist healthcare company that is active in interventional medicine and specialty pharmaceuticals.
PneumRx, Inc. is a rapidly growing medical device company focused on the development and commercialization of innovative products to treat emphysema using minimally-invasive techniques. The company’s current interventional portfolio includes site-specific treatments for severe blood clots including pulmonary embolisms, liver tumors, and varicose veins.
PneumRx’s flagship product, the RePneu Coil, covered recently on our pages, is expected to become the cornerstone of BTG’s growing interventional pulmonology business. The Coil is a minimally invasive device intended to improve exercise capacity, lung function, and quality of life for patients with severe emphysema. The implants are designed to compress diseased tissue, increase elastic recoil in the lung, and re-tension the diseased airway network, relieving breathlessness and allowing patients to perform more activities of daily living.
PneumRx will be acquired by BTG based on an initial consideration of $230 million and up to $245 million in performance-related milestone payments.
“All of us at PneumRx are most pleased to join the BTG family and we look forward to joining forces to advance the standard of care in emphysema treatment,” said Erin McGurk, Founder, President and CEO of PneumRx. “Not only does BTG recognize the valuable business opportunity in PneumRx but they also value the PneumRx culture and our employees who have worked tirelessly for the past 10 years to bring us to where we are today. Our business will continue to operate intact, but we will benefit immediately from the support of an experienced and successful BTG framework. The future is bright for PneumRx moving forward as a BTG company, as we work together with dedicated physicians around the world who are using the Coils to bring hope to the millions of emphysema patients who have had so few treatment options to date.”
Source: PneumRx, Inc.